Crypto Market Explodes, Bitcoin Gains 8%

Bitcoin jumped by more than 8% in the past 24 hours and is trading close to USD 3,700, while Litecoin (LTC) registered strongest gains among top 10 coins (+28%). LTC was the first among top 10 coins that suddenly jumped this Friday.As everyone tries to guess the reason for the explosion, according to The Independent, the latest rise follows news that bitcoin’s hashrate – the amount of computing power its network consumes – is at its highest level since November 2018.”Something needs be the catalyst to get things going again. Unfortunately, global uncertainty for a multitude of reasons is driving many to become more risk averse and so whatever that spark is, it needs to be significant,” Thomas was quoted as saying.Meanwhile, recently, some members of the cryptoverse were discusing the prospect of Bitcoin’s price falling under USD 3,000. Vinny Lingham, general partner at crypto fund Multicoin Capital and the CEO at blockchain company Civic, said that “If we break below USD 3,000 for Bitcoin, ‘crypto winter’ will become ‘crypto nuclear winter’…”